Pheim Asset Management warns of Facebook ad impersonating founder Dr Tan Chong Koay
Pheim Asset Management warned on 3 November 2026 about a Facebook ad that uses founder Dr Tan Chong Koay's name and photo to promote a WhatsApp “dividend watchlist”. Pheim says it did not create the ad and does not advertise this way.
- First reported
- Reports
- 1
Source: pheim.com.sg · published
What happened
Pheim Asset Management (Asia) Pte Ltd in Singapore issued a scam alert on 3 November 2026, saying it became aware that day of a fraudulent Facebook advertisement impersonating its Founder, CEO and Chief Strategist, Dr Tan Chong Koay. According to Pheim, the scammer published an unauthorised picture and Dr Tan's full name in the advertisement, which stated: “12 Malaysian companies recently announced dividends, want to know the companies?”
How the scam works
Pheim says the advertisement was created without its knowledge or consent and does not originate from, and is not endorsed by, the company or any of its representatives. The company attached a screenshot of the ad. It shows an ad from a Facebook page called Ascend-mack with a poster about 12 Malaysian companies and a “Dividend Watchlist”, and a button to add a WhatsApp number to get the full list. A box below asks users to opt in to receive the list of 12 dividend companies on WhatsApp. Pheim's alert does not say what happens after that step, so what the operators then ask for, or whether anyone has lost money, is not known.
The pattern is familiar from other investment scams. A well-known finance figure's name and photo give an advert credibility, the offer of a free “watchlist” draws people into a private WhatsApp conversation, and the later conversation can lead to a fake trading app or group where money is requested. That sequence is not described by Pheim and is background only.
Pheim's official stand is that it does not produce or distribute investment advice through unofficial social media accounts or manipulated video content. It says Dr Tan does not endorse or take part in advertising outside its official channels and does not promote any investment products on social media. It urges the public to be cautious of unsolicited investment advice, to verify the identity of people or organisations, to avoid schemes promising high returns, not to transfer funds or share personal details with suspicious parties and to report suspicious accounts to Pheim and the regulators.
Source
Pheim Asset Management (Asia) Pte Ltd, “Scam Alert – 3 November 2026”, published on pheim.com.sg.
Red flags
- A Facebook ad using a named finance executive's picture and full name without his consent.
- An ad that offers a free list of dividend stocks through WhatsApp.
- A Facebook page called Ascend-mack that has no link to Pheim.
- Unsolicited investment advice delivered through social media advertising.
- Pheim says no investment products are promoted by Dr Tan on social media.
If you were targeted
- 1Do not click the ad or add the WhatsApp number it promotes.
- 2Check any investment offer against the company's official website and contact details.
- 3Remember that Pheim does not give investment advice through unofficial social media accounts.
- 4Do not transfer money or share personal details with people you meet through such ads.
- 5Report the ad to Facebook and tell Pheim and the relevant regulators.